The Independent-News, Volume 117, Number 21, Walkerton, St. Joseph County, 17 October 1991 — Page 12

- THE INDEPENDENT NEWS - OCTOBER 17, 1991

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'Reachers Credit Union

By adhering to its founders' principles, TCU has grown to become one of the nation's largest J credit unions. 1

Dateline: South Bend. 1931. TCU also developed a Direct Deposit program, a no-fee VISA card, and T.H.E Like most American ciues, South Bend Card a special VISA secun;d by a was suffering through the Great Depres- member . s home , TH E Card sion. But despite the hard times - maybe offers specjal adv „ which because of them -a small group of South aUow lhe deduclion of interest , d [o Bend teachers reflected a spinl of hope and $j qq qqq

optimism for the future. They had a vision. A vision of being able to pool their savings and lend money to / others in need of % I credit. Personal installment loans ? were virtually \ unheard of during \ those difficult times. The only source of personal credit was small loan companies whose interest rates were typically 42% annually.

In February of 1931 this group of teachers formed a committee to study the idea of a credit cooperative. By September, the South Bend Teachers Federation Credit Union was formed.The Credit Union's first

employee, Harold H. Blanchard, opened the first office in his home using a small tin cash box as a safe. He ended the first month’s business with shares totalling $67 and two loan applications for SSO each. Interest rales on loans were set at 1% a month. Shares paid 4% interest annually. The Credit Union has grown steadily since that humble beginning. Along

the way, some important milestones were passed. yr

In 1936, for example, the / name was changed to [ Teachers Credit Union, // reflecting the extension of f membership to family members. In the ’7os and ’Bos, \\ Teachers Credit Union VC began to diversify. New \ products and services were introduced to TCU members, including Share Draft Checking,

which offers free checks, ho fees, easy-to-read statements, plus a special .20% bonus on Certificates of Deposit.

Teachers Credit Union - The Reward of Belonging for 60 Years

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-——, — — ~ - TCU operates the largest statewide network of credit union personal electronic tellers, Teachers P.E.T., which enables members to withdraw, t transfer or deposit funds directly into Y their accounts. And Teachers n P.A.L., a telephone line designed to A give members immediate access to ff information about their accounts and y to perform transactions. - JO silinlk lL : 4r=

In recent years, TCU members have also seen the introduction of individual retirement accounts, the TCU Master Card, and Open Line - an instant, pre-approved revolving line of credit. Services like TCU Plan America (a personal financial planning program) and TCU Travel have likewise

provided benefits and convenience for the membership.

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In the past 18 months, TCU has opened new service centers in Plymouth, Huntington, Crawfordsville and Greencastle and has broken ground for its urd Indianapolis

r facility. In addition, a merger with Whitehall

Employees Federal Credit Union enabled TCU to open an office for its many Elkhart area members.

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Today, Teachers Credit Union is the largest in Indiana and one of the largest financial cooperatives in the United Slates, with a membership of over 115,000 and assets of over $525 million. Bui growth has never been for its own sake. Since Teachers Credit Union is owned solely by its members, every new service center, every new product has been added to help us belter serve and financially benefit those members. lhe principles of our founders arc the ones that guide TCU management today and arc reflected in our Vision Statement: “Our goal...is to be known as one of the best credit unions and one of the premier financial institutions in the nation in terms of service and financial soundness. Teachers Credit Union will be a positive force in every community in which we arc located.”

Teachers Credit Union does not exist “for profit,’’ but “for service.” Service to our members. Success in that endeavor is its own reward. TEACHERS CREDIT UNION The Reward of Belonging f)Uyea r:> 449 Liberty Street • 586.3143